Site Acquired for 45-Story Residential Tower ‘First & Fifth’ at 49 NW 5th Street in Downtown Miami

Oak Row Equities has acquired 49 Northwest 5th Street in Downtown Miami, where it plans to develop First & Fifth, a 45-story multifamily tower. The site was purchased off-market for $38.5 million with seller financing and is located across from MiamiCentral Station, the hub for South Florida’s major train systems. The 700,000-square-foot tower is being designed by ODP Architecture & Design, drawing inspiration from Miami’s turn-of-the-century Venetian architecture while incorporating modern amenities. Colliers Executive Managing Director Mika Mattingly, Senior Associate Cecilia Estevez of the South Florida Urban Core Team, and Vincent Pastore of Pastore and Associates represented the seller in the transaction.

First & Fifth will yield 500 multifamily units with high-end finishes, impressive views, and a robust amenity package. The design includes prominent arches that blend with the project’s historical elements, inspired by the Doge Palace in Venice. The building will feature bright, airy spaces and open city views.

First & Fifth. Designed by ODP Architecture & Design.

“First & Fifth exemplifies our thesis that the ability to live, work, and play within a short walk or train ride will become critical to a renter’s decision process in South Florida,” said Erik Rutter, Managing Partner at Oak Row Equities. “We are proud of our partnership with the City of Miami and the diligence of our team in structuring this deal while navigating historic preservation and zoning requirements.”

“This Downtown acquisition is a culmination of conviction, persistence, collaboration, and vision,” added David Weitz, Managing Partner at Oak Row Equities. “We couldn’t be more excited to continue planning this landmark transit-oriented development. We are eager to present First & Fifth to the capital markets and future tenants.”

First & Fifth. Designed by ODP Architecture & Design.

The development is near MiamiCentral Station, the central hub for Brightline, Metrorail, Tri-Rail, and the Metromover. This location is within Downtown’s growth path, close to MiamiCentral’s new office buildings, Miami Dade College’s Wolfson Campus, the federal courthouse, Miami Worldcenter’s restaurant and retail amenities, and the Miami Heat’s arena.

As demonstrated by their active portfolio, which includes The Oasis, Wynwood Plaza, 2600 Biscayne Boulevard, and 2900 Terrace, Transit-oriented developments are a key focus for the developer. These projects are within a short walk from a planned Northeast Corridor rail station, providing connectivity throughout Miami and regionally to Fort Lauderdale, Boca Raton, West Palm Beach, and Orlando via the Brightline.

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